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To buy an engagement ring for his girlfriend, Martin is considering a loan of $10,000 from Tiffney. He will pay 36 monthly installments of $500

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To buy an engagement ring for his girlfriend, Martin is considering a loan of $10,000 from Tiffney. He will pay 36 monthly installments of $500 each. What is the effective annual rate of interest (EAR) that Tiffney is charging? 1) 47.98% 2) 52.88% 3) 57.87% 4) 65.47% 5) 70.45%

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